AmericanWest Bank plans to buy a Seattle-based bank for $7.2 million in a move that gives the Spokane institution a larger footprint in Western Washington.
Viking Bank has seven branches, assets valued at $406 million and deposits totaling $379 million. The agreement still requires federal regulatory approval, but is expected to close by the end of this year.
AmericanWest has 63 branches in Washington, Idaho, California and Utah. Earlier this year it acquired Bank of the Northwest, which has offices in the Puget Sound region. It also agreed over the summer to buy Sunrise Bank, a Southern California institution.
AmericanWest has about $2 billion in assets and deposits of $1.6 billion.
The financial terms of the deal, characterized as a merger, call for shareholders of Viking to receive $7.2 million in cash, or $2.65 a share.
About 41.7 percent of the bank’s shareholders have agreed to vote all of their shares in favor of the merger, according to a statement issued by AmericanWest Bank on Thursday morning.